Terra Buys $230 Million Bitcoin: Terra continues to grow its stablecoin reserves. She is buying bitcoins one after the other. Terra is adding $230 million worth of new bitcoin to its account after the world’s most popular cryptocurrency hit $44,000. In doing so, this blockchain protocol led by Do Kwon has surpassed Michael Sailor. Remember that Michael Sayer is the CEO of US-based business intelligence firm MicroStrategy and is known for investing in Bitcoin.
Just a few days ago on March 30, Terra bought $140 million worth of bitcoin. Earlier on March 22, he had added around 1,500 bitcoins to his wallet. According to cryptopotato’s report, Terra holds more than 35,000 bitcoins, which are worth close to $1.62 billion.
Do Kwon, CEO, and founder of Terraform Labs, confirmed the purchase on Twitter. Speaking to Bloomberg a few days ago, Do Kwon revealed the reasons for buying Terra’s bitcoins. Told why he chose BTC. He said that the reason we are particularly interested in bitcoin is that we believe it to be the strongest digital reserve asset.
Asked why he disclosed his plans to buy BTC and why it helped potentially move the price forward. He said that being transparent to his community was important to him. Do Kwon also argued that bitcoin is not what I am buying – I have already donated money so that we can build these reserves on behalf of the community. He also said that once the initial $3 billion is bootstrapped, he will continue to make more purchases to strengthen his reserves.
Do Kwon has also stated that his company is preparing to issue a stablecoin (UST), which will be backed by a BTC reserve, rather than the US dollar, euro or any other fiat currency. According to him, the UST is going to be the first internet native currency that implements the bitcoin standards as part of its monetary policy.